Noor Islamic Bank is conducting due diligence on a number of potential acquisitions and is committed to completing its first purchase before the end of 2007, according to Hussain al-Qemzi, chief executive of the bank.
The bank, which was launched in January and is 25 per cent owned by the government of Dubai, has said it plans to spend more than $500m each on a number of acquisitions in the UK, Europe and North Africa.
The bank has also announced a joint venture with Indian outsourcing company Adventity to develop a company in the Dubai Outsourcing Zone. The joint venture will be established to work with banks looking to outsource their back-office processes, equity research and customer credit scoring abilities. Noor and Adventity will invest seed capital of $50m each in the new venture.
Al-Qemzi added that since the bank’s launch it had “been performing ahead of our expectations and made good progress growing its asset book.”